There is a lot of shifting going on in the dynamics of this equation. I've closed 4 mortgages in the last 7 days. Interesting to review them in relation to this statement, which I agree, is normally accepted.
1- A teacher with a masters degree. She has moved up to "director of gifted program" and is up 10k per year from last year, now making $56K salary. Has $114K in student loans, and $2500 total in checking and savings accounts.
2- Factory worker, 21 years old. No debt, and put down $30,000 to buy his first home, all of which he has saved in the last two years. Makes $30/hr and gets OT at $45. After putting $30K down, still has $15K in the bank. Made $78K last year.
3- Maintenance supervisor for a company (same one as #2). $38/hr wage - $79K/year base. Made $95K with OT last year. Put $50K down on his home, and still has $22K in the bank. All saved in the last two years.
4- a pollice officer with a masters in criminology- $76K income last year, down to $75K in student loans.
I think teachers are very important, and underpaid. But the dynamics of this are shifting and unless college costs get under control, it's going to be harder and harder to justify ANY expensive college, for anything but higher paying jobs. One financial guru recently cited a student going to a $50K/year college to get an education degree, JUST because that's where her father went. Things like this do not make financial sense. And I'm only using teachers as an example... there are many others. A few months ago I have to turn down a lady who had a masters in psychiatry because she makes $40K/year as a social worker and had $120K in student loans.
I'm not questioning peoples callings or life objectives, but as was pointed out buy the financial expert, community college the fist two years, commuting the next 2-3 and getting the masters online would have saved any of the above over $100K
